Conference Call Half-year results MY LIFE OUR QUALITY. Marcelino Fernández Verdes, CEO Peter Sassenfeld, CFO. Turning Vision into Value.

Transcription

1 Conference Call Half-year results 2013 MY LIFE OUR QUALITY WaterHouses, Hamburg, Germany Marcelino Fernández Verdes, CEO Peter Sassenfeld, CFO Turning Vision into Value.

2 HOCHTIEF Group: H1 13 key highlights Increased earnings in all divisions One-off effects: gain on sale of Leighton telco assets, restructuring costs, etc.; earnings ex one-offs in H1 13: EBT: EUR m Net Profit: EUR m Decrease in Net debt by EUR 403 m vs end Q1 13 to EUR 1,842 m Delivering on new strategy; HOCHTIEF repositioning proceeding successfully Divestments of non-core assets (Airports, Leighton telco assets, Services business) Refocusing on core business & competencies; tightened bidding and risk management discipline Restructuring of Europe business in progress Investment in HOCHTIEF & Leighton shares highlights confidence in outlook FY 2013 operational guidance confirmed: EUR Net profit pre-divestments EUR m Net profit, after sale of Airport and now also Services (Net profit Services FY 2012 was EUR 16 m) Key figures (EUR m) H1 13 H1 12 1) FY 12 1) Sales 12, , ,527.7 EBITDA 1, ,721.7 EBT Net Profit CF from Operations ,005.7 Operating Capex 2) ,214.6 Net Debt 1, , Key Operating Variables (EUR m) H1 13 H1 12 FY 12 Order backlog 45, , ,793.6 New orders 11, , ,487.8 Employees (end of period) 86,241 80,213 79,987 1) Restated for IAS 19R 2) Of which approx. 90% related to Asia Pacific; Op. Capex=Purchases re intangible assets, pp&e, & investment properties (see also appendix Cash flow reconciliation ) Turning Vision into Value. 2

3 Group and divisional profitability Group: G Significant turnaround from H1 12, continuous improvement Q2 vs. Q1 13 Improvement in all operating divisions Americas: Building remains strong Civil improving; restructuring measures implemented (EUR 2 m charges in H1 13) Asia Pacific: One-off gain on sale of non-core telco assets and other smaller effects (EUR m EBT; EUR 46.8 m Net profit; of which telco: EUR / 48.6 m) Focus on margin improvement Europe: Further progress but still some way to go EUR 12.8 m restructuring charges in H1 13 Airports: H1 decrease mainly accounting driven (Q dividend Athens/ IFRS 5) HQ / consolidation: EUR 6 m M&A project costs in H Turning Vision into Value. HOCHTIEF Group and Divisions - profitability EBT (EUR m) H1 13 Q2 13 Q1 13 FY 12 1) H1 12 1) Americas ex restru. costs Asia Pacific ex Telco, others (only Q2 13) Europe ex restru. costs Airports HQ, consol., adj ex M&A costs Group ex one-offs EBT margin H1 13 Q2 13 Q1 13 FY 12 1) H1 12 1) Americas 10% 1.0% 2) 10% 1.0% 2) 11% 1.1% 2) 08% 0.8% 06% 0.6% Asia Pacific 3.3% 2) 3.5% 2) 3.2% 2) 2.7% 1.2% Europe -0.4% 2) 0.6% 2) -1.6% 2) 1.0% -6.5% Group 2.5% 2) 2.6% 2) 2.3% 2) 2.1% 0.6% Net profit (EUR m) H1 13 Q2 13 Q1 13 FY 12 1) H1 12 1) Americas Asia Pacific Europe Airports HQ, consol., adj Group ex one-offs ) ex one-offs ted for IAS 19R 1) Restat

4 Net Debt Q2 improvement by EUR 0.4 bn to EUR 1.8 bn Seasonal & operational working capital movements Strong quarterly improvement at Asia Pacific of approx. EUR 711m (impact Leighton telco sale approx. EUR 438 m); in Q1 13 budgeted AUD 200 m BrisConnect equity injection and dividend payment Leighton AUD 202 m HOCHTIEF dividend id d payment EUR 74 m in Q2 2013; Share buyback HOCHTIEF EUR 23 m Measures to reduce Net debt Group wide working capital programs implemented Capex reduction targeted esp. by Leighton Key focus & detailed plans of Leighton in place to reduce underclaims from scope growth & contract variations Cash from Airport & Services sales not yet included Net debt 1) period end (EUR m) H1 13 Q1 13 FY 12 9M 12 H1 12 Group HT Americas HT Asia Pacific HT Europe HTA & HQ, consol (EUR m) Net debt targets reconfirmed Net cash positive by end 2013, at the latest in 2014, driven by divestments & op. improvements Leighton gearing target of 25-35% by end of 2013 Group net debt composition 1) Turning Vision into Value ,743 4,576 1,8 842,484 2, 4,729 2,245 3,144 4, ,676 4,293,617 1, end H1 13 end Q1 13 end FY 12 end H1 12 Financial Assets Financial Liablitites Net cash/ (Net debt) 1) Details in Appendix

5 Sale of Services business line Further milestone in strategic plan Services business line comprises Facility and Energy Management activities SPA signed on June 28, 2013 Result of a competitive bidding process Impact on HOCHTIEF: Selling price: ca. EUR 250 m Significant positive one-off earnings effect Proceeds to reduce debt and to invest in core business Services key figures 2012 Transaction details: Work done EUR 700 m Purchaser: industrial investor SPIE S.A., Cergy-Pontoise/France EBT EUR 19 m With retroactive economic effect as of January 1, 2013 Net profit EUR 16 m Closing of transaction expected by year-end 2013 at the latest RONA (%) 22.4% Subject to approval by the responsible competition authorities Net assets EUR m Employees 5,700 Turning Vision into Value. 5

6 Sale of HOCHTIEF Airport (HTA) Exchange of Sydney Airport stake as further milestone to HTA overall financial close No impact on overall airport divestment value, but cash proceeds for Sydney stake to be received earlier Swap of HTA s holdco stake in Sydney Airport (SCACH) for listed Sydney Airport (SYD.ASX) shares, signed Aug. 14, 2013 In next step listed Sydney y stake is to be sold to HOCHTIEF Airport purchaser Canadian pension investment managers PSP This is an interim step in the overall HTA transaction Sale of Sydney stake to PSP envisaged to be closed prior to the financial close of the overall HTA transaction As previously indicated overall HTA sale transaction expected to be completed at the latest by Q Airport Sydney, Australia Airport Düsseldorf, Germany Turning Vision into Value. 6

7 Share buyback and stake in Leighton HOCHTIEF share buyback: Buyback of up to 4,313,000 shares (approx. 5.6% of total share capital) for total purchase price (w/o incidental acquisition fees) of up to EUR 260 m (up to ca. EUR 60.3/share) in the market Buyback to be carried out between June 17 and December 13, 2013 HOCHTIEF stake in Leighton: Around 9.6 million shares acquired in the market; shareholding 56.39% as of July 18, 2013 Intention to further increase shareholding in Leighton HOCHTIEF convinced of Leighton s strength Strategic investment and core business Excellent growth opportunities and leading market position Current market environment seen as excellent opportunity to increase shareholding HOCHTIEF and Leighton mutually aligned, complementary business strategies Turning Vision into Value. 7

8 Cash Flow Performance Group Cash Flow components 1) (EUR m) H1 13 Q2 13 Q1 13 FY 12 H1 12 Q2 12 Q1 12 Cash Flow from Operations Cash generated (pre NWC change) , Change in Net Working Capital -1, Total Cash Flow from Operations , Cash Flow from Investments Operating Capex , Other investment activities, net Total Cash Flow from Investments , Cash flow from Operations Positive development from increase in earnings in Q2 Net working capital: marginal outflow in Q2 (EUR 967 m in Q1) somewhat better than Q Cash management focus remains key Cash flow from Investments Operating Capex: on previous year s level; clear target to reduce Capex Other investment cash flow mostly relates to sale of Leighton telco assets and to investments in operational JVs 1) For Full Cash Flow Statement please refer to the Appendix Cash flow reconciliation Turning Vision into Value. 8

9 HOCHTIEF Americas Essentials New orders / order backlog: normalized below last year s record; f/x adjusted -9.9% / +12.6% EBT: significant increase; improvements in Civil as restructuring measures lead to initial results (EUR 2.0 m restructuring charges in H1 13) CAPEX 2) : 2012 figure incl. Clark Builders acquisition (EUR 50 m) Outlook Large order backlog and positive trend in civil business in H1 as basis for 2013 outlook EBT 2013E: unchanged expectation to increase to between EUR 80 and 100 m Financials (EUR m) H H ) % FY ) New orders 3, , % 9, Order backlog 11, , % 10,900.1 Work done 4, , % 8,037.6 Divisional sales 3, , % 7,374.9 EBITDA % 0% EBITA % 74.3 EBT % 57.1 ex restru. costs % EBT margin 3) 1.0% 0.6% 66.7% 0.8% Net profit % 42.5 Capex 2) % Net cash / (debt) % Net assets % ) Restated for IAS 19R 2) Capex figures incl. Operating Capex (=Purchases re intangible assets, pp&e, & investment properties) and Purchases re acquisitions and participating interests (see also appendix Cash flow reconciliation ) 3) ex one-offs 2013 Turning Vision into Value. 9

10 HOCHTIEF Asia Pacific Essentials New orders / order backlog: below very strong 2012, which incl. some major coal & gas sector contracts; t f/x adjusted d -40.0% 0% / -13.4% Financials (EUR m) H H % FY 2012 New orders 6.124, ,8-42,2% ,5 Od Order backlog , ,4 4-23,3% 3% ,4 4 Work done 8.607, ,6 0,2% ,5 EBT: clear turnaround; Q1 12 impacted by APL Divisional sales 7.422, ,8 2,9% ,8 & VDP projects (- EUR 204 m); Q2 13 incl. EBITDA 910,6 584,4 55,8% 1.442,4 positive impact from telco sale (EUR m, EBITA 503,4 163,9 207,1% 593,6 EUR 48.6 m Net Profit) and smaller neg. from EBT 405,8 85,1 376,9% 411,1 others ex Telco & others (only Q2 13) 247,0 190,2% Capex 1) EBT margin & Net debt: tight capex controls, 3,3% 1,2% 166,7% 2,7% Net profit 136,5 28,5 378,9% 152,7 working capital mgmt. program implemented Capex 1) 810,0 884,1-8,4% 1.532,6 Outlook Leighton s strength lies in its size, diversity and int l portfolio reach; on track to deliver solid results despite more challenging macro picture Leighton confirmed its guidance: Underlying net profit after taxes of AUD m (EUR m) in 2013 Target gearing range end 2013: 25-35% Net cash / (debt) , ,0-21,7% -742,8 Net assets 4.732, ,7-0,5% 4.756,3 1) Capex figures incl. Operating Capex (=Purchases re intangible assets, pp&e, & investment properties) and Purchases re acquisitions and participating interests (see also appendix Cash flow reconciliation ) 2) ex one-offs 2013 Turning Vision into Value. 10

11 HOCHTIEF Europe Essentials Financials Transformation process ongoing; sale of Services business as one important milestone New orders: strong increase year-on-year, both in international and domestic market EBT: some operational improvements incl. successful sale of PPP school project in Q1; EUR 12.8 m restructuring costs in H Streamlining organizational structure; implementation of new systems (EUR m) H H % FY 2012 New orders 1.554, ,7 13,1% 3.393,9 Order backlog 6.201, ,9-0,7% 6.419,7 Work done 1.588, ,7 3,6% 3.332,0 Divisional sales 1.305, ,1-0,6% 2.856,2 EBITDA 24,7-42,0-129,8 EBITA 7,0-59,8-92,2 EBT -17,9-85,3-28,7 ex restru. costs ,1 - Outlook EBT margin 2) -04% 0,4% -6,5% - 10% 1,0% Net profit -30,9-120, ,6 Capex 1) 30,5 58,4-47,8% 138,5 Net cash / (debt) -795,8-699,9 13,7% -541,7 Measures will improve profitability on a lasting basis 2013E: improvement in the sustainable operating result Intense efforts to forge partnerships p with investors in Real Estate to reduce tied-up capital Net assets 2.000, ,4 15,3% ,5 1) Capex figures incl. Operating Capex (=Purchases re intangible assets, pp&e, & investment properties) and Purchases re acquisitions and participating interests (see also appendix Cash flow reconciliation ) 2) ex one-offs 2013 Turning Vision into Value. 11

12 Focus on infrastructure construction, based on our core competence Achievements and Deliverables A C H I E V E M E N T S W O R K I N Divestments Investments Restructuring Divestments Sale LEI Telco business Sale of airports 1) Start HOT share buyback March 13 June 13 Europe division Flatiron Sale of Services business line 1) Increasing stake in Leighton Delivering for all shareholders Real Estate sale/partnership (aurelis, HTP, formart) HOCHTIEF the leading global infrastructure contractor with sustainable profitable growth P R O G R E S S Focus on cash drivers Risk Mgmt Net debt reduction Improved cash generation Ongoing optimization i Best-in-class RM to reduce earnings volatility 1) Financial close expected in 2 nd half 2013 Turning Vision into Value. 12

13 HOCHTIEF Group: Objectives and expected impact of transformation Change in group culture; Decentralization with Accountability Entrepreneurial mindset decentralization of decision-making power to operational units Businesses and projects managed with a cash profitability focus Monthly Balance sheet, Cash flow and P&L s accountability Further improvement of Risk management in process Remuneration structures to be realigned with these objectives Group impact Restructuring completed during 2014 Restructuring costs estimated EUR m (vast majority at Europe, excl. Leighton) more than offset by divestment gains Targeted future cost savings of EUR m p.a. (vast majority at Europe, excl. Leighton) A streamlined, cash-focused group with enhanced, sustainable profitability Turning Vision into Value. 13

14 Structure and general roles in future organization for Europe Key roles and responsibilities: HT AG Leadership & guidance for divisions; global strategy and portfolio mgmt. Selected operational involvement External reporting and communication Support business development / sales for major projects Central corporate functions like Audit, Tax, Compliance, Financing, etc. Leadership & guidance for HT Europe s OpCos HTEurope HT Europe strategy, operative management, strategic risk mgmt. Support business development / sales for large projects Upwards reporting to HTAG OpCos IS B PPP Local branches Projects Engineering Overhead service functions Leadership & guidance for branches Business development & sales Operative portfolio management Operative risk management Upwards reporting to HT Europe Regional sales (incl. market surveillance, business development, networking, etc.) Leadership for & structuring of projects Upwards reporting to OpCos Manage operative projects with max. empowerment for local decisions Operative procurement Project risk management Upwards reporting to branches Turning Vision into Value. 14

15 HOCHTIEF Europe: Restructuring Impact Organizational structure transformed Six segments slimmed down to four Simplification of business structure to focus on key competencies; benefit from global trends, particularly opportunities in the infrastructure segment New Management team in place at HOCHTIEF Europe and OpCos level Estimated restructuring costs: EUR m Mainly in 2013 & possibly 2014 EUR 12.8 m already included in H1 2013, part of total 2013 restructuring costs figures Targeted cost savings / restructuring gains: EUR m reduction in cost base p.a. Full effect after successful completion of restructuring 2014/15 Turning Vision into Value. 15

16 HOCHTIEF Americas: Flatiron restructuring measures Measures already implemented: Top management replaced new CFO to come in September Risk management system being improved Measures in progress: Focus on key market segment transportation infrastructure Focus on core regions with strong footprint and positive market outlook Overhead cost reduction program Expected restructuring costs: No significant restructuring charges expected; EUR 2 m already included in H1 13 Timeline for return to optimized and sustainable profitability: Expected: 2014/15 Turning Vision into Value. 16

17 HOCHTIEF Asia Pacific: Fast-track delivery of margin expansion at Leighton Strategy doesn t require volume growth; net margin expansion is the key focus, key initiatives: Working Capital management Strategic procurement Group shared services Group asset management Management structures Significant impact in 2013/14 AUD 100 m savings for 2013 announced in Feb 2013, further AUD 45 m identified in May Latest estimates are for approx. AUD 200 m in procurement and other savings These will help to deliver the LEI forecast in 2013 and enable margin expansion in 2014 Current H NPAT margin 2.2%; Target margin % Turning Vision into Value. 17

18 FY 2013 operational guidance confirmed (now considering also sale of Services) (EUR m) FY ) FY 2013E New orders 31,488 normalize < record 2012 Od Order backlog 49,794 normalize < record 2012 Sales 25,528 normalize < record 2012 EBT (incl. op. earnings HT Airport & Services) EBT ex divestments (excl. Airport & Services, sold as of Jan 1, 13) Airport & Services Net profit Net profit ex divestments Airport & Services (incl. op. earnings HT Airport & Services) (excl. Airport & Services, sold as of Jan 1, 13) Net debt Key underlying assumptions: 944 net cash positive by end 2013 / latest 2014 driven by op. improvements / disposals Earnings guidance does not incl. non-operating ope items such as restructuring charges and effects from disposals In line with market consensus of Leighton s UNPAT (underlying profit after tax), i.e. approx. AUD 580 m as of early May 2013 Assumed average f/x rates 2013: AUD/EUR 1.30; USD/EUR ) Restated for IAS 19R Turning Vision into Value. 18

19 APPENDIX Turning Vision into Value. 19

20 Consolidated Group statement of earnings (EUR m) H H ) % FY12 1) Sales: f/x adjusted +7.6%; 93% of total is non- Sales 12, , ,527.7 domestic Changes in Inventories Materials -8, , ,312.0 Personnel Costs -2, , ,535.7 Other operating Income Other operating expenses ,636.5 Non-operating earnings Net income from participating interests EBITDA 1, ,721.7 Depreciation EBITA/EBIT Net investment and interest income Non-operating earnings EBT Income taxes Deferred taxes EAT , of which: Consolidated net profit of which: Minority Interests Other operating income: positive impact from sale of Leighton Telco assets Net income from participating interests: Americas: EUR 27.3 m (H1 12: EUR 22.7 m) Asia Pacific: EUR 5.4 m (H1 12: EUR m); Q included negative impact from VDP project Europe: EUR 17.4 m (H1 12: EUR 9.9 m) Airports: EUR 64.2 m (H1 12: EUR 90.3 m), not comparable due to change in accounting; Q incl. large dividend distribution from Athens airport Taxes: extraordinarily high tax rate in Q2 due to impact from sale of Leighton telco assets 1) Restated for IAS 19R Turning Vision into Value. 20

21 Consolidated Group balance sheet (assets) (EUR m) 30 June Dec 12 % Non-current assets: Intangible assets PP&E 1, , Investment properties At equity and other financial assets 1, , Financial/other receivables, other assets Deferred tax assets Non-current assets 4, , Inventories 1, , Financial receivables Trade receiveables 5, , Other receivables and other assets Current income tax assets Marketable securities Cash and cash equivalents 2, , Assets held for sale 1, , Current assets 12, , Total assets 16, , At equity & other financial assets: decrease reflects, among others, the reclassification of investment in Athens Airport to assets held for sale and the recognition of the remaining LEI telco participation at equity Current assets: Trade receivables: operational growth at Leighton and Turner Marketable securities: mainly sale of fixed-income securities at Americas Cash and cash equivalents: decrease reflects financing of operating activities and capex Assets held for sale: addition of Athens Airport & Services business and deconsolidation of LEI telco assets Turning Vision into Value. 21

22 Consolidated Group balance sheet (equity and liabilities) (EUR m) 30. Jun Dec 12 % Attributable to the Group 2, , Minority interest 1, , Shareholders' equity 4, , Shareholders equity: Earnings after taxes: EUR m Net effect of changes in fair value of financial instruments and actuarial gains and losses, f/x Provisions for pensions and similar obligations differences, other: EUR m Other provisions Financial liabilities 3, , Dividend payments: EUR m (HOCHTIEF Other liabilities & minority shareholders) Deferred tax liabilities Equity ratio: 24.6% (end 2012: 25.0%) Non-current liabilities 4, , Non-current liabilities Financial i liabilities: increase reflects bond placement by HOCHTIEF (EUR +750 m) and borrowing by Leighton Current liabilities: Financial liabilities: corporate bond proceeds used to repay short-term debt Trade payables: decrease ease related ed to Leighton, f/x changes and reclassification of Services to assets held for sale Other provisions Financial liabilities 1, , Trade payables 5, , Other liabilities Current income tax liabilities Debt related to assets held for sale Current liabilities 7, , Liabilities and shareholders's equity 16, , Turning Vision into Value. 22

23 Group Cash Flow reconciliation Group Cash Flow statement amended Group Cash Flow statement as reported (EUR m) H H ) (EUR thousand) H H ) 8 Profit after tax Profit after taxes 286,358 21,638 Depreciation, amortization, impairments, and impairment reversals 438, ,392 Non-cash expenses Changes in provisions -80,086-17,681 Cash generated (pre NWC change) Changes in deferred taxes 126,349 15,717 Change in Net Working Capital -1, Gains/(losses) from disposals of non-current assets and marketable securities -10,369-14,034 Cash Flow from Operations (a) Other non-cash inc. & exp. (primarily equity accounting) & deconsolidations -124, ,459 Operating Capex Changes in working capital (net current assets) -1,025, ,770 Asset disposals Changes in other balance sheet items Total Capex Net cash used by operating activities -387,337-96,228 Acquisitions and participating interests, net Intangible assets, property, plant & equipment, & investment properties Total Cash Flow from Investments (b) Purchases -605, ,517 Payments for repurchase of treasury stock (c) Proceeds from asset disposals 16, ,642 Acquisitions and participating interests Payments received from sale of treasury stock (d) 1 1 Purchases -274, ,866 Payments into equity by minorities (e) Dividends to HOCHTIEF's and minority shareholders (f) Proceeds from borrowing 1,567 1,834 Debt paid down Total Cash Flow from financing activities (g) Change in net cash, cash equivalents, securities held (a+b+g) Effect of exchange rate changes (h) Reported change in cash, cash equivalents, securities held Changes in securities holdings and financial receivables Overall change in cash & cash equivalents (as reported) Cash Flow from Operations (a) Total Cash Flow from Investments (b) Variations in equity (treasury stock, dividends etc) (c+d+e+f) F/x, other 2) incl. (h) Change in Net Debt Amended definitions 1) Restated for IAS 19R 2) Other amounts are due to non-cash f/x and consolidation effects and other technical differences Proceeds from asset disposals/divestments 516,720 63,383 Changes in cash & cash equivalents due to consolidation changes 0 56,227 Changes in securities holdings and financial receivables 10, ,258 Net cash used in investing activities -335,518-1,039,389 Payments for repurchase of treasury stock -22,608 0 Payments received from sale of treasury stock Payments into equity by minority shareholders 13,686 21,438 Dividends to HOCHTIEF's and minority shareholders -168,726-89,854 Proceeds from new borrowing 1,567,056 1,833,740 Service of debt -967, ,859 Net cash provided by financing activities 422, ,117 Net cash decrease in cash and cash equivalents -300, ,500 Effect of exchange rate changes -66,443 56,345 Overall change in cash and cash equivalents -367, ,155 Cash and cash equivalents at the start of the year 2,525,543 2,280,720 Of which: Included in assets held for sale 10,761 15,899 Of which: Cash & cash equivalents as per Consolidated Balance Sheet 2,514,782 2,264,821 Cash and cash equivalents at end of reporting period 2,158,306 2,098,565 Of which: Included in assets held for sale 11,063 12,793 Of which: Cash & cash equivalents as per Consolidated Balance Sheet 2,147,243 2,085,772 Components of Capex as presented on divisional slides Turning Vision into Value. 23

24 HOCHTIEF Europe Segmental Overview Jan-June 13/end June 13 (EUR m) Divisional sales EBT EBT margin Net Profit Order backlog "Construction" Solutions 1) % ,435.4 Real Estate Solutions 2) % Service Solutions % 2.0% ,752.6 PPP Solutions % Other Total Division 1, % , ) Construction Solutions comprises the three Solutions activities: Infrastructure, Classic and Engineering 2) Real Estate Solutions: EUR 1.4 bn net assets acc. to RONA definition Business lines Regions Divisional sales H1 13, EUR 1.31 bn Order backlog end H1 13, EUR 6.20 bn Work done H1 13, EUR 1.59 bn Order backlog end H1 13, EUR 6.20 bn 3% 18% 27% 30% Classic 23% Infrastructure Engineering Service 8% Classic 11% 16% 27% 38% Infrastructure Engineering Service 3% 5% 29% Domestic 68% Europe Other 34% 61% Domestic Europe Other Real Estate Real Estate 1% PPP 0% Engineering PPP Turning Vision into Value. 24

25 Capital structure end H Net debt calculation: (EUR m) end H1 13 end FY 2012 Fi i l li bili i i Cash and cash equivalents 2, ,514.8 Marketable securities Non current securities Financial assets: 2, ,143.8 Bonds or notes issued 2, ) 1,641.5 Amounts due to banks 1, ) 1,713.5 Other financial liabilites ) Financial liabilities: 4) 4, ,088.1 Net debt: 1, Net debt includes: Pledged securites Not deducted: Pension liabilities Prepayments Debt Maturity: (EUR m) Financial liabilities main components 1) EUR 214 m Leighton US PP, /15/18; EUR 198 m Leighton bond, ; EUR 268 m Leighton US PP, /17/20; EUR 382 m Leighton bond , EUR 500 m non-rated bond , EUR 750 m non-rated bond ) EUR 598 m promissory note loans (EUR 30 m: ; EUR 194 m: /15; EUR 240 m: ; EUR 85 m ; EUR 50 m ) EUR 500 m syndicated revolving cash facility, , utilization: EUR 0 m EUR 429 m various project financing 3) EUR 786 m finance leasing Non-/limited recourse debt: HOT EUR 221 m, LEI AUD 183 m Major long-term guarantee facilities (EUR 12.0 bn, EUR 7.6 bn used) EUR 1.5 bn HOCHTIEF synd. revolving guarantee facility, , utilization: EUR 1.1 bn EUR 5.0 bn (USD 6.5 bn)turner/flatiron bonding facilities, utilization: EUR 2.7 bn EUR 1.0 bn (AUD 1.4 bn) Leighton syndicated guarantee facility, utilization: EUR 0.7 bn EUR 4.5 bn guarantee facilities, including: EUR 2.5 bn other Leighton bonding facilities, utilization: EUR 1.9 bn; other bilateral guarantee facilities Bonds or notes issued Amounts due to banks Other financial liabilities 194,7 17, ,7 195,3 159,1 100,0 41,11 417,9 202,5 395,5 136,7 89,3 207,9 144,7 283,6 ufn 5) ) 6) > ) Excluding financial liabilities due to participating interests 5) until further notice, i.e. no specified maturity 6) Amounts due to banks include various ongoing and also revolving project financings Turning Vision into Value. 25

26 Financial data by division Q2 13 / Q1 13 (EUR m) HOCHTIEF HOCHTIEF HOCHTIEF HOCHTIEF Americas Asia Pacific Europe Airports Corporate Headquarters / Consolidation HOCHTIEF Group Q2 13 New orders 2, , ,056.8 Work done 2, , ,861.0 Order backlog 11, , , ,314.0 Divisional sales 2, , ,116.9 External Sales 2, , ,113.1 Operating earnings (EBITA) Profit before taxes Net profit Capital expenditure Net assets , ,000.8 N/A ,265.8 Net debt , ,842.0 Q1 13 New orders 1, , ,548.8 Work done 1, , ,495.1 Order backlog 11, , , ,690.8 Divisional sales 1, , ,499.4 External Sales 1, , ,497.0 Operating earnings (EBITA) Profit before taxes Net profit Capital expenditure Net assets , ,938.6 N/A ,491.0 Net debt , , ) Restated for IAS 19R Turning Vision into Value. 1) Table is available in Excel here: 26

27 Financial data by division Q2 13 / Q2 12 (EUR m) HOCHTIEF HOCHTIEF HOCHTIEF HOCHTIEF Americas Asia Pacific Europe Airports Corporate Headquarters / Consolidation HOCHTIEF Group Q2 13 1) New orders 2, , ,056.8 Work done 2, , ,861.0 Order backlog 11, , , ,314.0 Divisional sales 2, , ,116.9 External Sales 2, , ,113.1 Operating earnings (EBITA) Profit before taxes Net profit Capital expenditure Net assets , ,000.8 N/A N/A 9,265.8 Net debt , ,842.0 Q2 12 New orders 2, , ,650.6 Work done 1, , ,511.5 Order backlog 10, , , ,965.8 Divisional sales 1, , ,444.8 External Sales 1, , ,441.2 Operating earnings (EBITA) Profit before taxes Net profit Capital expenditure Net assets , ,735.4 N/A N/A 8,856.9 Net debt , , ) Restated for IAS 19R Turning Vision into Value. 1) Table is available in Excel here: 27

28 Financial data by division H1 13 / H1 12 /FY 12 Corporate HOCHTIEF HOCHTIEF HOCHTIEF HOCHTIEF Headquarters / HOCHTIEF (EUR m) Americas Asia Pacific Europe Airports Consolidation Group H1 13 New orders 3, , , ,605.6 Work done 4, , , ,356.1 Order backlog 11, , , ,314.0 Divisional sales 3, , , ,616.3 External Sales 3, , , ,610.2 Operating earnings (EBITA) Profit before taxes Net profit Capital expenditure Net assets , ,000.8 N/A N/A 9,265.8 Net debt , ,842.0 H1 12 New orders 4, , , ,339.9 Work done 3, , , ,875.1 Order backlog 10, , , ,965.8 Divisional sales 3, , , ,020.2 External Sales 3, , , ,013.1 Operating earnings (EBITA) Profit before taxes ) Net profit Capital expenditure ,026.4 Net assets , ,735.4 N/A N/A 8,856.9 Net debt , ,616.6 FY 12 New orders 9, , , ,487.8 Work done 8, , , ,693.4 Order backlog 10, , , ,793.6 Divisional sales 7, , , ,551.2 External Sales 7, , , ,527.7 Operating earnings (EBITA) Profit before taxes Net profit Capital expenditure , ,781.4 Net assets , ,792.5 N/A N/A 8,844.7 Net debt ) Restated for IAS 19R Turning Vision into Value. 1) Table is available in Excel here: 28

29 Historic FX rates Period average H1 13 Q1 13 FY 12 H1 12 EUR/USD USD/EUR EUR/AUD AUD/EUR End of period H1 13 Q1 13 FY 12 H1 12 EUR/USD USD/EUR EUR/AUD AUD/EUR Turning Vision into Value. 29

30 Disclaimer This presentation and the report contain forward-looking statements. These statements reflect the current views, expectations and assumptions of the Executive Board of HOCHTIEF Aktiengesellschaft and are based on information currently available to the Executive Board. Such statements involve risks and uncertainties and do not guarantee future results, performance or events. Actual results, performance or events relating to HOCHTIEF Aktiengesellschaft and the HOCHTIEF Group, including but not limited to possible future divestments, profit before tax, consolidated net profit and dividends, may differ materially from the expectations and assumptions described in such statements due to, among other things, changes in the general economic, sectoral and competitive environment, risks associated with capital markets, currency exchange rate fluctuations, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, the conduct of other shareholders, and other factors. Statements on dividends are additionally subject to the recognition of a corresponding unappropriated net profit in the published separate financial statements of HOCHTIEF Aktiengesellschaft for the fiscal year concerned and the adoption by the competent decision-making bodies of appropriate resolutions taking into account the prevailing situation of the Company. HOCHTIEF Aktiengesellschaft does not assume any obligations to update any forwardlooking statements. Turning Vision into Value. 30

31 Financial calendar and IR contact 13 November 13 Nine-month results 2013, Conference Call with Analysts and Investors 28 February 14 Full year results 2013, Analysts and Investors Conference 07 May 14 Annual General Meeting For further information please contact: Investor Relations HOCHTIEF Aktiengesellschaft Opernplatz Essen, Germany Phone: Fax: investor-relations@hochtief.de Dr. Lars Petzold Ulrike Kröner Ralf Hinricher Eda Heisterborg Turning Vision into Value. 31